With the U.S. economy stuck in a constant rut and Europe going into a tailspin, President Obama is looking to escape to the East. While the nations of the Asian Pacific rim face strains of their own, from massive inequality to climate change, their growth rates look positively zen compared to the stagnant economies that used to run the world.
So for the past several days President Obama has been charming Asia-Pacific officialdom, hoping these “emerging” economies can prop up the West’s sagging empires. At home, the White House has sold its vision for the “Pacific Century” as a boon for U.S. jobs, and abroad, he’s looking to consolidate influence over Asian leaders with subtle overtures toward checking China’s regional power.
The centerpiece of this program is the Trans-Pacific Partnership, a trade agreement that would involve Australia, Brunei Darussalam, Chile, Malaysia, New Zealand, Peru, Singapore, Vietnam, in addition to the U.S. While it would build on existing trade ties in the region, critics see it as an unprecedented supersized neoliberal agenda repackaged with the bow of modernization and “development.”
But according to fair trade activists, the deal may end up not only failing to bring significant job opportunities, but laying the groundwork for an economic regime built on offshoring, deregulation and the swapping of national sovereignty for corporatocracy. Read the rest of this entry →